Trading Operations Practice - TRSQ
CPE Credits Awarded:
This course provides the detailed practices and techniques involved in successful trading operations in today's international crude and product markets.
It has been designed for front, middle and back office personnel who need a detailed insight into trading operation practices and emphasises the operational impacts to corporate profitability and risk. It will also appeal to personnel who have recently joined an oil trading group of an oil major, investment bank or commodity trading company.
Much of the work will be carried out in syndicate groups where teams will simulate real in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.
The course commences with the progress of a trade, from verbal agreement between two traders, through the subsequent preparation of the contract, operation of the contract with chartering and nominations of the tanker, invoicing and presentation of documents, culminating in post contractual settlement of claims arising from the contract operation. Each area is subsequently discussed in detail with further presentations which also include topics such the quality and specifications of actively traded product groups; viz. gasoline and naphtha, middle distillates (diesel, gasoil and jet fuel) and residual fuels oils. Blending theory and practice, operation of storage and pipelines are also addressed.
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Industry professionals within an oil/energy trading department with responsibilities in front, middle or back office functions.
- The legal issues
- Structuring the terms of a contract
- Contracts and controls
- Understanding of the basics and terminology
- Calculation of freight and Worldscale
- Chartering process and key charter party terms
- Vessel operations and shipping economics
Contract Operational Procedures
- Nomination procedures
- Documents and the Bill of Lading
- Letters of credit and the banks
Quantity and Quality
- Measurement of quantity and quality
- Middle distillates, gasoil, diesel and jet kerosene
- Naphtha and gasoline
- Fuel oil and heavy feedstocks
- Blending, theory and practice
- The Loading and discharging process
- Pipeline operations
- Storage - agreements and operations
- Transaction costs
- Losses and inspection
Robin A Burley is principal consultant with Kennet Oil Logistics, a company established in 1990 providing expertise in the international supply, trading and transportation sector. During his 30 years experience in the oil industry he has worked with BP including Marine and Supply Departments, and Gulf Oil including Trading and Transportation, Refining and Marketing functions. Besides the day-to-day management and negotiation of oil supply, trading and transportation deals, he has been involved in a variety of oil logistics projects throughout the world. He has lived in the USA, Europe and the Middle East, and is a contributing author to the Oil Trading Manual (pub. Woodhead 1995).
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